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All sectors are open for foreign and domestic investors with attractive
incentives and there is no restriction on equity limit or repatriation of the
money in any sector as the private sector is the engine of economic growth.
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment stated
this during a meeting with Ms. Lisa Chiles, Mission Director United States
Agency for International Development (USAID) who called on the Minister here
today.
Dr. Hafeez Shaikh said that to coop with the demanding global market
challenges there was a need to upgrade the domestic industries to compete in
the global markets through better strategy for achieving the target of higher
growth. Pakistan USA Business and Trade relations were growing gradually,
which would provide an opportunity to the business groups of both the
countries to exchanges their experiences in the related fields, he hoped.
The Minister further stated that the Government's economic policy and the
reforms process were focused to give efficient and quality services to the
consumers and to benefit the people through the transfer of technologies by
encouraging the private investors. He also appreciated the efforts of USAID
being undertaken to encourage the various industrial sectors to develop growth
strategies.
Earlier, Ms. Lisa Chiles Mission Director for USAID Pakistan briefed the
Minister regarding USAID and SMEDA's joint initiative launched in the
agribusiness, fisheries, light engineering (Electric Fans), leather, gems and
jewelry, surgical equipment, sporting goods, IT and Marble and Granite in the
mining sectors. Sector working groups have begun developing strategies to
improve value added production and increased profitability firms, which was
being noticed with positive response, she added.
USAID Mission head who was accompanied by Mr. Peter Duffy, Economic Growth
Advisor remained with Minister for some time and discussed other matters
relating to the economic development and the progress of the private sector.